One day after the Sacramento City Council gave preliminary approval to a new arena, the reality of the task ahead began sinking in.

"When it becomes time to make it all happen, it's intimidating," said David Taylor, who leads the development team charged with building the project.

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By a vote of 702, the city council approved a term sheet, laying out financing for the $391 million project. The vote clears the way and sets aside funding to begin the pre-development process.

By the middle of next month, the city plans to hire will help design the new arena and usher it through the environmental review process. During that time, the city also plans to turn the 13-page term sheet into legal-binding contracts.

"By the time the attorneys and banks are done with it, we'll probably have ten boxes worth of agreements," council member Steve Cohn told KCRA 3 Thursday.

Builders hope to break ground on the project by next spring or early summer, with the goal of having the arena open for the 2015-16 NBA season.

"It appears as though the timeline is a tight one," said Terry Rivasplata, who has worked as an environmental planner for 30 years. "At the same time, it's a doable timeline."

Sacramento has agreed to contribute $255.5 million to the project.

City leaders need to decide how they will raise that money, with $230 million expected to come from city parking facilities.

Council members have discussed leasing the parking out to private companies or issuing bonds to raise the money that would be paid back through parking revenues.